I have long argued the UK ‘s net zero policies are too dear, are losing us our industry and jobs, are losing us tax revenues and increase world CO 2. The last argument cuts through with more of the politicians and officials than the prosperity, tax and job arguments. It helped me and a few others persuade the last government to allow further exploration wells in the UK and development of new oil and gas fields. Mr Miliband has imposed a complete ban. It got the last government to delay banning new petrol and diesel cars, only for Mr Miliband to speed up the ban.
I also argued in a couple of short books that the twin drivers of the planned electrical revolution for consumers were not popular and would not deliver the change the net zero advocates wanted. Heat pumps are too dear, disruptive to install where larger radiators and more insulation are needed and can be dearer to run than gas boilers. Battery cars are dear, often lack range, can be difficult to recharge on long journeys and will gradually lose subsidies as some more people adopt them.
The latest work suggests a £4.5 tn cost to the planned transition just in the UK. I used a figure of $275 tn for the world plan in my “The $275 trillion Green Revolution” to show a very rough magnitude of the task, which appeared in various articles based on a McKinsey report. It might well cost more to replace all those coal and gas power stations, most petrol and diesel vehicles and all that fossil fuel space heating.
Now the US has renounced net zero policy, China believes in it for others but keeps plenty of fossil fuel use herself, and India says net zero has to come later, the UK and EU remain locked together with a disastrous dear energy policy. They then wonder as they blunder why they lose jobs, close factories and hardly grow. Net Zero policy is both self defeating and very destructive of prosperity.